Diagnostic Products Demand Boosts Profit and Sales at Revvity

Core Insights - Revvity reported second-quarter profit and sales that exceeded estimates due to higher demand for its diagnostic products [1][2] - The company raised its full-year adjusted EPS guidance, indicating positive future expectations [4] Financial Performance - Adjusted operating earnings per share (EPS) for the second quarter were $1.22, surpassing the average analyst estimate by $0.10 [2] - Revenue for the second quarter was $691.7 million, a decline of 2.5% year-over-year, but still above forecasts [2] - Revenue in the Diagnostics segment increased by 1.4% to $378.0 million, while the Life Sciences segment saw a decline of 6.7% to $313.8 million [3] Future Outlook - The adjusted EPS outlook for 2024 was raised to a range of $4.70 to $4.80 from the previous guidance of $4.55 to $4.75 [4] - Revenue outlook was narrowed to between $2.77 billion and $2.79 billion, compared to the earlier range of $2.76 billion to $2.82 billion [4] Market Reaction - Revvity shares rose by 3.5% to $119.18, reaching their highest level in almost a year [5]